- AUD/JPY registers three-day losing streak.
- Friday’s break of short-term rising support line (now resistance) keeps sellers hopeful.
- A three-day-old descending trend line exerts downside pressure.
AUD/JPY trades near 73.72 amid the early Monday morning in Asia. Despite bouncing off from Friday’s lows, the quote has been under pressure while following the break of the nine-day-old rising trend line. Also favoring the bears are short-term falling resistance line and bearish MACD.
With this, 50% Fibonacci retracement of the pair run-up between February 04 and 06, at 73.45 now, can grab intra-day sellers’ attention.
However, 73.00 round-figure will be the tough nut to break for sellers.
On the upside, the support-turned-resistance, at 73.75 now, followed by the descending trend line around 73.85, will be limiting the pair’s immediate recovery.
Should AUD/JPY prices manage to cross 73.85, 74.00 and the monthly top near 74.40 could return to the charts.
AUD/JPY hourly chart
Trend: Bearish
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